PETALING JAYA: PNB Merdeka Ventures Sdn Bhd is setting up a programme to sell as much as RM6 billion (US$1.4 billion) of Islamic bonds to partly fund the ongoing development of the Merdeka 118 precinct.
The funds will provide additional capital for the continued progress of the project, which houses the world’s second tallest building, the Merdeka 118.
“The company, a subsidiary of government-linked investment firm Permodalan Nasional Bhd, will also use the money raised to refinance its existing sukuk,” it said in a statement.
CIMB Investment Bank Bhd and Maybank Investment Bank Bhd are jointly arranging the sukuk programme.
The Merdeka 118 tower features office space, which has an occupancy rate of about 70%, and the recently opened Park Hyatt Kuala Lumpur.
“Meanwhile, about 70% of space at its seven-story mall has been committed ahead of its opening,” it added.